Thyssenkrupp said its net loss of 1.5 billion euros in the fiscal year ending Sept. 30 — after deducting minority interest — was mainly due to asset impairments totaling around 1.2 billion euros. CEO Miguel Lopez said the current fiscal year will be one of "decisions" as the firm continues talks for its steel unit to form a joint venture with Czech billionaire Daniel Krentisky.

The industrial company posted a fourth-quarter net loss of €1 billion as earnings were hit by impairments, though the loss narrowed from the same period a year earlier.

Thyssenkrupp (TYEKF) (TKAMY) shares surge 12% as company expects to swing to profit, cut losses, and improve EBIT in current fiscal year.

Thyssenkrupp AG expects to swing to profit in the current fiscal year, indicating that a turnaround plan that includes restructuring its ailing steel division is making progress.Most Read from BloombergParis to Replace Parking Spaces With TreesNew York’s Transit Agency Approves $9 Congestion TollIn Cleveland,